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This Certificate is issued by the City pursuant to and in full <br />conformity with the Constitution and laws of the State of Minnesota <br />for the purpose of providing funds to finance costs of acquiring <br />certain capital equipment of the City. This Certificate <br />constitutes a general obligation of the City, and to provide moneys <br />for the prompt and full payment of the principal hereof and the <br />interest thereon, as the same become due, the full faith and credit <br />and taxing powers of the City have been and are hereby irrevocably <br />pledged. <br /> <br /> This Certificate may be assigned but upon such assignment the <br />assignor shall promptly give written notice thereof to the City at <br />the office of the City Finance Director, and the assignee shall <br />surrender this Certificate to the City Finance Director either in <br />exchange for a new fully registered Certificate or for transfer of <br />this Certificate on the registration records. Each such assignee <br />shall take this Certificate subject to this condition. The City <br />shall treat the Registered Owner as the absolute owner of this <br />Certificate for purposes of paying the principal of and interest on <br />this Certificate and for all other purposes whatsoever. <br /> <br /> This Certificate has been designated by the City as a <br />"qualified tax-exempt obligation" for purposes of Section 265(b) (3) <br />of the Internal Revenue Code of 1986, as amended. <br /> <br /> IT IS HEREBY CERTIFIED AND.RECITED that all acts, conditions, <br />and things required by the Constitution and laws of the State of <br />Minnesota to be done, to have happened, and to be performed <br />precedent to and in the issuance of this Certificate have been <br />done, have happened, and have been performed in regular and due <br />form, time, and manner as required by law; and that this <br />Certificate, together with all other indebtedness of the City <br />outstanding on the date hereof, does not cause the indebtedness of <br />the City to exceed any constitutional or statutory limitation <br />thereon. <br /> <br /> IN WITNESS WHEREOF, the City of Elk River, Sherburne County, <br />Minnesota, by its City Council, has caused this Certificate to be <br />executed by the manual signatures of its Mayor and City <br />Administrator; has caused the official seal of the City to be <br />impressed upon this Certificate; and has caused this Certificate to <br /> <br />be dated November 1, 1999. <br /> City Administrator <br /> <br />May°r'~ / <br /> <br />1095218.1 4 <br /> <br /> <br />